Generally speaking the optimism tic tone which has prevailed. at recent piece goods auctions has been maintained this week. The first two auctions were very bright indeed, and if this was hardly so pronounced at the closing one, it seemed to be no more than a natural lull induced by a desire to note how recent purchases are going into consumption. At the same time Chinese dealers continue "nibbling" at fresh business. A number of telegrams are passing between here and Manchester, some with no higher object,: it is true, d|than to test the market, but others in the hope of being able to keep business going in old chops and a few genuine inquiries for new cargo. The results of the latter have not been very fruitful, as in most cases it is still quite impossible to bridge the gap between values here and prices in Manchester.
The better feeling at the auctions brings into prominence one rather important feature. Where there has been an absence of genuine orders, speculators have this week n able to maintain prices by their operations, a thing which during the last 12 months it has seldom been possible to.do, for immediately orders from the interior ceased quotations invariably showed a sharp drop. This week there seems to have been a certain amount of speculative buying of Blacks, the purchasers taking advantage of the low rate of native interest to hold stocks against the coming season. There was also some speculation in Whites, but for these by far the greater part of the demand was genuine. Prices for White Shirtings continue to show a steady advance, especially the better qualities. These are now in short supply, in fact some standard chops are very difficult to obtain, and as the stocks are still further reduced it seems quite likely that" dealers will turn their attention to some of the lower grades. These have not advanced in. proportion to the better qualities, but there now seems a likelihood that they may see an improved market in the near future.
Demand during the week was fairly general. Ningpo was interested in Greys, as was also Hang-. chow, while the north had placed' orders for light 7-lb. varieties. Korea, as usual, took a certain amount of Whites, but the demand from there was not so steady as if was a. week or two azo. Hankow, however, bought Whites, while Changsha called for Jeans, prices for these going un. While. generally sneaking, urices showed small rises on the week's operations, it is interesting also to note that the Japanese are netting up their rates for several qualities.
Text read from the printed page and cleaned; old type leaves the occasional error.